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CLAYTON ACT: This antitrust law passed in 1914 outlawed specific practices designed to monopolize a market including price discrimination, exclusive agreements, tying contracts, mergers, and interlocking directorates. The Clayton Act was one of three major antitrust laws passed in the late 1800s and early 1900s. The other two were the Sherman Act and the Federal Trade Commission Act. The specific practices outlawed were designed to correct flaws of the Sherman Act, especially vague wording about what constituting a monopoly. Moreover, while the Sherman Act outlawed monopoly after it emerged, the Clayton Act made practices that gave rise to monopoly control illegal.
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CLOSED ECONOMY An economy that does not engage in international trade or other forms of interaction with other countries. That is, a closed economy neither exports goods and services to, nor imports goods and services from, other economies that make up its foreign sector. It is "closed" to the flow of goods and services into or out of the country. The alternative to a closed economy is an open economy, one that does engage in international trade.
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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time wandering around the downtown area trying to buy either a pair of blue silicon oven mitts or a coffee cup commemorating the 2000 Olympics. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
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"Success is more a function of consistent common sense than it is of genius. " -- An Wang, industrialist
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AIFT
American Institute for Foreign Trade
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